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Low Voltage Switchgear Market Size
Low Voltage Switchgear Market size exceeded USD 67 billion in 2021 and is set to grow at a CAGR of over 8% between 2022 and 2030. Growing measures to ensure stability & safety along with ongoing development of electric infrastructure spending across power grid applications will stimulate the market growth.
The refurbishment & replacement of prevailing electrical infrastructures primarily across emerging countries will further drive the market revenue. Additionally, encouraging government policies toward the development of sustainable electrical networks to boost power generation will favor the industry expansion.
The COVID-19 crisis has hindered the overall LV switchgear market operations across the globe as it resulted in manpower shortages, delayed manufacturing operations, along with supply chain disruptions. However, the upliftment of restrictive protocols by the governing authorities for global movement coupled with the introduction of several vaccination drives have led the industry operations back to normalcy. In addition, the requirement to supply electricity during emergency cases in healthcare and critical energy generation facilities further fostered the market growth dynamics.
| Report Attributes | Details |
|---|---|
| Base Year: | 2021 |
| Market Size in 2021: | 67 Billion (USD) |
| Forecast Period: | 2022 to 2030 |
| Forecast Period 2022 to 2030 CAGR: | 8% |
| 2030 Value Projection: | 136 Billion (USD) |
| Historical Data for: | 2018 to 2021 |
| No. of Pages: | 830 |
| Tables, Charts & Figures: | 1,735 |
| Segments covered: | Protection, Product, Rated Current, Voltage Rating, Current, Application |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Low Voltage Switchgear Market Analysis
The ≤ 250 Volt LV switchgear market will observe a significant growth of 8% through 2030. Shifting consumer inclination towards the smart integration of low voltage control units across residential establishments will thrust the market demand. In addition, basic power alteration in line with flexible product applicability across fans, blowers, elevators, motors, and pumps will accelerate the product deployment. Moreover, ongoing investments in the R&D sector by major industry players to increase the tensile strength, material density, and durability will positively drive the product penetration.
The fixed mounting LV switchgear market is anticipated to expand at 7% CAGR till 2030. The adoption of these units for low failure rates along with limited adjoining parts have significantly fueled the product installation. The lack of sustainable and effective electrical infrastructures across underdeveloped and developing economies along with an inclination toward enhancing the existing networks has instituted a favorable market outlook. Moreover, adoption of advanced technological systems along with integration of smart systems will propel the market size.
Withdrawable unit LV switchgear market will observe an impetus growth in the coming years, due to the upgradation of prevailing power grid networks. The capability of these units to offer high breaking capacity, less floor area, dynamic & thermal stability, superior protection will increase the product demand. In addition, safety, reliability, low maintenance and enhanced structure are some of the key factors augmenting the product deployment. Rising electricity demand across the rural and urban areas along with ongoing urbanization and increasing population will positively influence the market revenue.
Smart grid is a next-generation electric power network that will utilize IT and other high technologies to operate intelligently. From the DEIS perspective, the development of smart grids can deliver the ability to utilize insulated equipment along with the fast detection of fault locations, leading to reduced repairs. For instance, a subsidiary of Rockefeller Foundation, Smart Power India (SPI), marked the 500th mini grid’s operations located in Laxmanpur Uttar Pradesh, facilitating the world’s largest portfolio of grids.
The LV switchgear market across the substation application will gain momentum during the forecast period, on account of ongoing research & development activities by key participants to boost their capabilities and integrate innovative technologies for enhanced management & smart operations. Ongoing adoption of micro grid establishments and green energy sources for the integration of power renewables across the large-scale energy generation through enhanced monitoring of power system will further support the industry growth.
The Asia Pacific LV switchgear market is anticipated to register significant growth rate from 2022 to 2030, impelled by growing investments in the development of new & enhanced power generation facilities to meet the energy demand. In addition, the elevated electricity consumption by the end consumers and other industries including power generation, mining & metals, oil & gas, have led to the development of energy networks on a large scale. Moreover, the refurbishment and upgradation energy grid networks catering to the energy demand across developing economies will drive the market growth.
Low Voltage Switchgear Market Share
Major LV switchgear manufacturers include
- Siemens
- ABB
- Hyosung Heavy Industries
- Hitachi Ltd.
- Eaton
- Powell Industries
- Hyundai Electric
- Lucy Group
- E+I Engineering
- Chint Group
- Regal Rexnord Corporation
- Skema S.p.A.
- Fuji Electric Co., Ltd.
Industry players are focusing on product innovations through mergers & acquisitions, strategic collaborations to gain a competitive edge over the others.
The low voltage (LV) switchgear market research report includes in-depth coverage of the industry with estimates & forecast in terms of “’000 Units” & “USD Million” from 2018 to 2030 for the following segments
Market, By Protection
- Circuit Breakers
- ACB
- MCCB
- MCB
- MSP
- MPCB
- Fuse
- Fuse-Switch Disconnector
- Switch Disconnector With Fuse
- Others
Market, By Product
- Fixed Mounting
- Plug-In
- Withdrawable Unit
Market, By Rated Current
- ≤ 1000 Ampere
- > 1000 Ampere to ≤ 5000 Ampere
- > 5000 Ampere
Market, By Voltage Rating
- ≤ 250 Volts
- > 250 Volts to ≤ 750 Volts
- > 750 Volts
Market, By Current
- AC
- DC
Market, By Application
- Substation
- Distribution
- Power Factor Correction
- Sub Distribution
- Motor Control
- Others
The above information has been provided for the following regions:
North America
- U.S.
- Canada
- Mexico
Europe
- UK
- Germany
- France
- Russia
- Italy
- Spain
Asia Pacific
- China
- Australia
- India
- Japan
- South Korea
Middle East & Africa
- Saudi Arabia
- UAE
- Qatar
- Oman
- South Africa
- Egypt
Latin America
- Brazil
- Peru
- Argentina
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